Pakistan eases investment terms for OMCs

The Pakistani government has scaled down the investment limit for new oil marketing companies (OMCs) to Rs500 million (US$5.84 million) from Rs6 billion (US$70.13 million), with equity at Rs100 million (US$1.17 million), to attract investments in the oil sector, an official at the Ministry of Finance said. The government has approved the revised investment criteria for establishing new OMCs, by bringing it back to March 2006 levels. At present there are 11 oil marketing companies in the country: Pakistan State Oil, Shell Pakistan, Attock Petroleum Co., Caltex, Total Parco, Admore, Hascombe, AKSAR, OOTCL, Byco (formerly Bosicor Co.) and Bakri Trading. (July 2, 2010)